技术邻近性、研发投入与技术并购创新绩效——基于企业生命周期的视角

摘要/Abstract

摘要： 本研究以A股上市公司的技术并购事件为研究对象，基于多维邻近性理论，探索处于不同生命周期的主并企业在进行技术并购时与被并企业的技术邻近性对并购后创新绩效的影响。研究表明，技术并购中，处于不同生命周期的主并企业，与被并企业的技术邻近性特征对并购后创新绩效的影响不同。当主并企业处于成长期时，并购双方的技术邻近性能显著提升并购后的创新绩效，而当主并企业处于成熟期时相反，处于衰退期时则无显著影响。同时，研发投入在并购双方技术邻近性与创新绩效之间起到正向调节作用，被并企业所处的外部技术人才供应环境亦会影响技术并购后的创新效果。

关键词: 企业生命周期, 技术邻近性, 研发投入, 技术并购创新绩效

Abstract: The paper focuses on the technology mergers and acquisitions events from A-share listed companies. Based on the concept of enterprise life cycle theory, this paper explores how the technical proximity between an acquirer and a target influences the innovation performance, when the buyer is in a different enterprise life cycle. The results show that technology proximity between the acquirer and the target works differently on innovation performance when the acquirer is in different corporate life cycle. For growing acquirers, technology proximity can promote innovation performance, while has a negative effect on the mature enterprise innovation performance and has no effect on recessionary enterprise. Besides, R&D investment increase can strengthen the relationship between technology proximity and M&A innovation performance. R&D personnel supply environment also affects the innovation outcome in different corporate life cycle.

Key words: corporate life cycle, technology proximity, R&D investment, technology M&A innovation performance

王宛秋, 马红君. 技术邻近性、研发投入与技术并购创新绩效——基于企业生命周期的视角[J]. 管理评论, 2020, 32(6): 104-113.

Wang Wanqiu, Ma Hongjun. Technology Proximity, R&D Investment and Innovation Performance in Technology Mergers and Acquisitions——From a Perspective of Corporate Life Cycle[J]. Management Review, 2020, 32(6): 104-113.

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